Question

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NAME SECTION PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000 6,000 PHE: 4,000 PHF 2,000 2 3 4 1 8 Drill Presses events would best explain a shift from PPF, to PPF2? Which of the following 6. An increase in rate of unemployment An increase in the size of the labor force A reduction in rate of unemployment A reduction in the size of the labor force a. b. c. d. On PPF, the opportunity cost of the 7th drill press is approximately 4,000 can openers 8,000 7. b. 6,000 d. 2,000 C. a. On PPF, all of the following output combinations are currently attainable except 8. 12,000 can openers and 0 drill presses. 10,000 can openers and 6 drill presses 4,000 can openers and 6 drill presses. 0 can openers and 7 drill presses a. h. C. d. An increase from PPF, to PPF2 makes it possible to produce approximately additional can openers if 7 drill presses are 9. produced. 5,000 d. 7,000 4,000 b. C. 2,000 a. In the production possibilities model, economic growth is illustrated by: an inward shift of the production possibilities frontier. an outward shift of the production possibilities frontier. the downward slope of the production possibilities frontier. moving from a point inside the current production possibilities frontier to a on the current production possibilities frontier. 10. a. b. C. point d. 40 Chapter 2 Assignments

Answer 1

6. An increase in the size of the labour force.

7. opportunity cost = 6000 - 0 = 6000 can openers

8. 10000 can openers and 6 drill presses (not achievable)

9. 7000

10. An outward shift of the production possibilities frontier